The Manufacturers Life Insurance Company Decreases Stake in Primoris Services Co. (NASDAQ:PRIM)

The Manufacturers Life Insurance Company lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 15.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,757 shares of the construction company's stock after selling 6,417 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Primoris Services worth $2,732,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PRIM. Arizona State Retirement System grew its position in shares of Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after purchasing an additional 131 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock valued at $505,000 after buying an additional 268 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after acquiring an additional 268 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Down 0.2 %

Shares of NASDAQ:PRIM opened at $68.37 on Friday. The firm has a market capitalization of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50-day moving average is $60.82 and its two-hundred day moving average is $71.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. Analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.47%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Analyst Ratings Changes

Several analysts have recently weighed in on PRIM shares. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp raised their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Piper Sandler upped their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.75.

Insider Buying and Selling at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 in the last quarter. Corporate insiders own 0.90% of the company's stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

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